1. noun /ˈɒpʃən,ˈɑpʃən/
a) One of the choices which can be made.
b) The freedom or right to choose.
2. verb /ˈɒpʃən,ˈɑpʃən/
To purchase an option on something.
The new novel was optioned by the film studio, but theyll probably never decide to make a movie from it.
Wikipedia foundation.